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Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Gross premiums written $ 1,267,961 $ 1,361,280 $ 4,448,907 $ 4,695,327
Net premiums written 1,190,393 1,342,690 4,165,912 4,499,849
Decrease (increase) in unearned premiums 221,737 213,924 (191,235) (336,384)
Net premiums earned 1,412,130 1,556,614 3,974,677 4,163,465
Net investment income 117,054 118,176 341,877 365,010
Net realized and unrealized investment (losses) gains (133,017) (34,420) (273,107) 273,468
Other income 3,056 2,223 7,584 11,892
Total revenues 1,399,223 1,642,593 4,051,031 4,813,835
Expenses        
Losses and loss expenses and life policy benefits 804,196 959,543 2,390,394 2,592,847
Acquisition costs 346,520 321,756 905,774 888,937
Other expenses 415,818 108,615 670,334 327,149
Interest expense 12,249 12,241 36,742 36,719
Amortization of intangible assets 6,768 7,003 20,303 21,007
Net foreign exchange losses (gains) 22,413 (8,206) 15,657 (10,900)
Total expenses 1,607,964 1,400,952 4,039,204 3,855,759
(Loss) income before taxes and interest in (losses) earnings of equity method investments (208,741) 241,641 11,827 958,076
Income tax expense 17,170 45,617 82,990 186,363
Interest in (losses) earnings of equity method investments (3,231) 5,294 1,564 16,283
Net (loss) income (229,142) 201,318 (69,599) 787,996
Net loss (income) attributable to noncontrolling interests 5 (4,920) (2,531) (9,914)
Net (loss) income attributable to PartnerRe Ltd. (229,137) 196,398 (72,130) 778,082
Preferred dividends 14,184 14,184 42,551 42,551
Net (loss) income attributable to PartnerRe Ltd. common shareholders (243,321) 182,214 (114,681) 735,531
Comprehensive (loss) income        
Net (loss) income attributable to PartnerRe Ltd. (229,137) 196,398 (72,130) 778,082
Change in currency translation adjustment (39,533) 1,412 (33,936) 3,209
Change in unfunded pension obligation, net of tax 1,163 989 (164) 979
Change in unrealized losses on investments, net of tax (213) (221) (644) (668)
Total other comprehensive (loss) income, net of tax (38,583) 2,180 (34,744) 3,520
Comprehensive (loss) income attributable to PartnerRe Ltd. $ (267,720) $ 198,578 $ (106,874) $ 781,602
Net (loss) income per common share:        
Basic net (loss) income $ (5.08) $ 3.68 $ (2.40) $ 14.58
Diluted net (loss) income [1] $ (5.08) $ 3.60 $ (2.40) $ 14.26
Weighted average number of common shares outstanding 47,866,040 49,514,980 47,722,833 50,461,749
Weighted average number of common shares and common share equivalents outstanding 47,866,040 50,681,325 47,722,833 51,566,134
Dividends declared per common share $ 0.70 $ 0.67 $ 2.10 $ 2.01
[1] Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months and nine months ended September 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive.